Is the U.S. lagging behind? China to invest 10 Billion Dollars in the Dominican Republic

SANTO DOMINGO, Dominican Republic (ViaNews) – According to the World Bank, the United States of America counts for almost 50% of all Dominican imports and exports. Recently though, China is stepping to become an important player in the Region with a 10 billion Dollars investment. The plan, according to the Chinese Foreign Ministry, Wang Yi, is to help bring the Dominican Republic to an even more prominent position in the Caribbean regional affairs.

According to the Dominican newspaper, Hoy, the Government of the People’s Republic of China, through its representative of the Office of Commercial Development in the Dominican Republic, Fu Xinrong, thanked the decision made by both countries’ presidents, Xi Jinping and the Dominican President Danilo Medina, for the strong diplomatic relations between both countries.

Fu Xinrong stressed her collaboration with the Dominican Republic in priority areas such as commerce and investment, infrastructure, manufacturing, tourism, advanced technology, energy, cultural exchange, education, and others.
She added that her government represents all of China and that Taiwan forms an inalienable part of China, which Taiwan officially denies.
She thanked the representatives of the executive, legislative and municipal powers, the entrepreneurs, intellectuals, and the media, for believing that China will continue to contribute for the sustainable development of the Dominican Republic. “With the implementation of a joint cooperation action plan in vital areas contemplated under the orientation of the China-CELAC agenda”, Xinrong underlined.

According to Agencia EFE, a Spanish international news agency, last Monday´s the Dominican Government announced the suspension of diplomatic ties with Taiwan in order to establish relations with China. The announcement was justified pointing out to the “immense” commercial potential it represents.

The decision was greeted with enthusiasm by main Dominican business organizations. The same organizations which have been asking the government for a closer diplomatic, commercial, and economic tie with China.

For the President of the Dominican Association of Industrial Enterprises, Campos de Moya, this is a “very important step because this Caribbean island “can easily become a stepping point for Chinese goods moving towards the South American markets.”

He also expressed his optimism about the Dominican tourism industry. Tourism is the country’s highest source of income with six million tourists over the last year and now expecting to attract a large part of Chinese tourists.

The Dominican ties with China raise the expectation that investments will increase. following the enhanced bilateral commerce that’s been happening over the last years.

After the announcement, the spokesperson for the Chinese Foreign Ministry, Wang Yi, emphasized that “the Dominican Republic is the largest economy in Central America and the Caribbean”, and “has great importance in regional affairs.”

From now on, the Dominican Republic will face the challenge of managing its relations with China without affecting its relations with the United States, the main commercial partner of this Caribbean island.

After the cessation of diplomatic relations with the Republic of Taiwan, the Director of the Asian and Oceania Affairs, Luis Gonzalez, said in “Silvia en Perspectiva”, the journalist Silvia Garcia’s program in Teleradio America, that the People’s Republic of China could invest more than ten billion dollars in the Dominican Republic over the next few years.
The diplomatic official added that these investments would be made in the areas of tourism, energy, infrastructure, and others.
He further added that “there’s a possibility of these investments being made in the country because China is in the process of investing worldwide and is very interested in the region.”
Further, González added that there’s also the possibility that the Dominican Republic might substantially increase its exports to the People’s Republic of China, ”this year especially, due to the fact that President Medina designated it as the year to raise exports.”

In reference to a very controversial subject, Gonzalez explained that the Dominican Republic took a giant leap towards establishing diplomatic relations with China, “because it establishes relations with the country making the biggest investments worldwide, especially in Latin America.” China, he added, has become one of the strongest economies in the world and will help our country, especially in the area of tourism.”

Some Dominicans still consider Taiwan a valuable foreign partner and this new direction in the Dominican foreign policy has represented a hard blow to Taiwan, which now has only 19 international allies after last year´s departure of Panama.

Born in the Dominican Republic, but brought up overseas (mainly in U.S.A., and Europe). During last few years I have also been a college teacher in business administration and psychology. Journalist contact: joaquin-salazar@vianewsagency.com

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